DOL’s New Fiduciary Proposal Could Sweep Up Industry Salespeople

November 6, 2023 by Nate DiCamillo

The Department of Labor on Tuesday floated a long-awaited rule aimed at expanding the definition of an investment-advice fiduciary to include anyone who advises retirement plan participants and individual retirement account owners for a fee — including broker-dealer and asset manager salespeople. The proposal’s heftier disclosure requirements could also drive up costs for corporate defined benefit sponsors, lawyers said.

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Originally Posted at Financial Advisor IQ on November 1, 2023 by Nate DiCamillo.